Irvine, Calif.—HCP, the largest healthcare REIT in the U.S., has announced that CEO Lauralee Martin, who assumed the role in 2013, has stepped down. Executive Chairman Michael McKee has assumed the additional role of interim president & CEO. The board will begin the process of appointing a permanent CEO, which is expected to take between three and six months.

“With the completion of our strategic portfolio review in May and the resulting spin-off transaction that is well underway, the board felt now is the appropriate time to advance the process of developing HCP’s next generation of leadership. We have made substantial progress towards rebuilding our executive team to align with our strategic vision for the future, and identifying our next CEO represents the cornerstone of that effort.” McKee said in prepared remarks.

McKee became HCP’s executive chairman in May 2016, and has served as independent chairman & lead director prior to that. He was CEO of Bentall Kennedy U.S. LP, one of the largest privately owned real estate investment advisory firms in North America, from 2010 to 2016. Prior to that, McKee was the CEO & vice chairman of The Irvine Co., a privately held real estate development and investment company, where he had been an executive officer since 1994. Prior to that, McKee was a partner with the law firm of Latham & Watkins LLP from 1986 to 1994.

Michael McKee

“I remain confident and excited about our recent C-suite appointments and the broader management team,” McKee added. “Our portfolio performance and business outlook are consistent with our plan across all investment sectors, and the spin-off of our HCR ManorCare portfolio remains on track to be completed later this year.”

The company expects to record a severance charge of approximately $0.03 per diluted share in the third quarter of 2016 related to Martin’s departure.

Martin’s departure is another major leadership shakeup for the company, which earlier this year announced the departure of Timothy Schoen, the company’s former executive vice president & CFO, who became president of BioMed Realty.